- Date : 05/12/2018
- Read: 2 mins
The revenue department is on track to meet its target of Rs 11.5 trillion through direct tax collection in the current financial year
The filing of Income Tax returns for assessment year 2018-19 has witnessed a sharp rise over the previous year. The total number of filings has touched approximately 6.08 crore, which is about 50% higher when compared year-to-date.
Speaking at a Confederation of Indian Industry (CII) event in New Delhi, Chairman of the Central Board of Direct taxes (CBDT) Sushil Chandra lauded the effects of demonetisation for the steep rise in tax compliance.
Related: 8 Myths about tax filing debunked
He claimed that demonetisation has been good for enhancing the tax base and the revenue department is on track to meet its target of Rs 11.5 trillion through direct tax collection in the current financial year.
He has credited demonetisation for the 14% rise in the corporate tax base from 7 lakh taxpayers to 8 lakh this year.
Chandra pointed out that India’s gross direct tax growth rate is 16.5% and the net direct tax growth rate is 14.5%, which shows that demonetisation has had a positive impact on widening and deepening the tax base. “As on date, total direct tax mop-up stood at 48% of the budget estimate,” the CBDT chief said.
Related: Types of ITR Forms that every taxpayer should know about
Chandra mentioned that about 70 countries are unilaterally sharing information with India under the Automatic Exchange of Information (AEOI).
The CBDT is the apex body for policy on direct taxes and is in the process of setting up new systems that will fast-track PAN applications. With Aadhaar as proof, applicants will be able to receive an e-PAN in less than four hours.
The CBDT has sent text messages to 20 million people who have failed to file their returns or those whose income and tax filings have discrepancies.
In the same time frame, since last year the CBDT has given 22.7 million refunds, which again is about 50% higher than the previous year.
Related: 8 Incomes you shouldn't miss while filing your IT returns
The department is also in the process of reducing human interaction of taxmen with taxpayers. In the current financial year, about 70,000 cases have been resolved online without having to call the assessees to the tax offices.
Chandra also shared that the number of corporate taxpayers has gone up to 8 lakh and India’s tax base has gone up by 80% over the last four years.
The filing of Income Tax returns for assessment year 2018-19 has witnessed a sharp rise over the previous year. The total number of filings has touched approximately 6.08 crore, which is about 50% higher when compared year-to-date.
Speaking at a Confederation of Indian Industry (CII) event in New Delhi, Chairman of the Central Board of Direct taxes (CBDT) Sushil Chandra lauded the effects of demonetisation for the steep rise in tax compliance.
Related: 8 Myths about tax filing debunked
He claimed that demonetisation has been good for enhancing the tax base and the revenue department is on track to meet its target of Rs 11.5 trillion through direct tax collection in the current financial year.
He has credited demonetisation for the 14% rise in the corporate tax base from 7 lakh taxpayers to 8 lakh this year.
Chandra pointed out that India’s gross direct tax growth rate is 16.5% and the net direct tax growth rate is 14.5%, which shows that demonetisation has had a positive impact on widening and deepening the tax base. “As on date, total direct tax mop-up stood at 48% of the budget estimate,” the CBDT chief said.
Related: Types of ITR Forms that every taxpayer should know about
Chandra mentioned that about 70 countries are unilaterally sharing information with India under the Automatic Exchange of Information (AEOI).
The CBDT is the apex body for policy on direct taxes and is in the process of setting up new systems that will fast-track PAN applications. With Aadhaar as proof, applicants will be able to receive an e-PAN in less than four hours.
The CBDT has sent text messages to 20 million people who have failed to file their returns or those whose income and tax filings have discrepancies.
In the same time frame, since last year the CBDT has given 22.7 million refunds, which again is about 50% higher than the previous year.
Related: 8 Incomes you shouldn't miss while filing your IT returns
The department is also in the process of reducing human interaction of taxmen with taxpayers. In the current financial year, about 70,000 cases have been resolved online without having to call the assessees to the tax offices.
Chandra also shared that the number of corporate taxpayers has gone up to 8 lakh and India’s tax base has gone up by 80% over the last four years.
